Effective ways to keep track of your cash

Electric payment systems are now becoming more commonplace in society. The majority of payments are now made via a number of electronic payment methods, and can be made in person, over the phone or online. However, cash still plays a part in many business transactions.

The Australian Taxation Office (ATO) has provided a list of ways to track your cash transactions:

1. Reconcile sales at the end of each day. This will easily help you to identify any cash discrepancies immediately.
2. Keep receipts and record them, if you use case for business purchases, or your accounts will not balance.
3. Ensure you records all invoices paid which use your business’ cash. Cross-reference your payment details with the relevant invoice numbers.
4. Avoid using business money to pay for personal purchases.

These may seem obvious, but they will help make managing cash payments easier.

For more information, visit the ATO website.

Last updated: 6th March 2017